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[å] ڰ ִ ''

׽Ÿ ' ֽڹ' Ⱓ ȭ

ܵ
| ڹ ' ' ֽڿ Ȱϰ ִ ġ ȸ ׽Ÿ Ӱ ' ֽڹ'(: why moats matter) ⰣǾϴ. ġָ پѴ 췮ֽ ã ֽ ΰ ִ å 򰡹ް ֽϴ. å ڿ κ 3ȸ Ұմϴ.
پٸ  ֽ ٽ Ѵ!

Ʈ 콺Pitney Bowes ̱ μ忡 ̴. ̱ ü μϴ Ͱ ̶ Ʈ ܿ Ե μ⸦ ʾұ ̾. ׷ Ѷ о Ʈ ڴ ϸ鼭 ߴ. 濵 ̱ ڰ ü μϴ ʾ ޷ , ä ν ϴ ٽ δ㸸 ߽Ű ȭ״.

2012 Ʈϴ 30 Ծ. ׷ پ鼭 λ׵ پ. ̴ ڰ ޼ ȭǰ ִ Ŵ. 2012 , Ʈϴ ߴ. ̵ 2013 ʿ پ. ׷ ٱ ̹ Ʈ ְ ޶ߴ. Ʈ ռ (ڸ ٵ δ) '' ̾, ׷ ұ ŵ ߴ.

ؾ Ѵٴ ƹ ص ġ ߿ . 2013 ߹ݱ ȿ <> Ʈ 츮 (Ȥ ְ ݿ 츮 ŵ ) 81% ̳ʽ Ѽ ϴ ִ. شǴ 100% 񿡼 ̳ʽ Ѽ ߴ 16 츮 ϰ ִ ް ȸǾ ̴.

ݸ ( ԵǾ ø ð ű ) Ⱓ 67% شϴ Ⱓ ÷ Ѽ(67% ·) ߰, ø 鿡 89% · ߴ.

谨 ϴ

׷ٸ 谨  ? , 繫 , ܱ ߿, ̵麸 ξ ߿ ũ ִ. <ǥ 5-2> 츮 ̱ ް 谨 ȣ ۿ뿡 Ÿ ̴. 1 谨 Ȯ 迡 ߴ. (谨 Ը ణ Ǵ. ׷ ̹߻簡 ϴ ٸ ٵ⸸ ϴ .)








ڿ ̸̻鼭 ϴ ݿ п <> Ʈ <׸ 5-2> <׸ 5-3>ó ð 鼭 S&P 500 ռ . ų 츮 ռ ƴϰ, װ ʾ, ̻ϰԵ 츮 ռ 񿡼 ø ͷ ־.















ְ , 츮 Ʈ S&P 500 ణ (<׸ 5-2>). ׷ S&P 500 2.9% ͷ , <> Ʈ 2005 1 2013 9 Ѽ S&P 500 2.2%p Ҵ.

<׸ 5-3> S&P 500 , 츮 ξ κ ݿ ش. 츮 S&P 500 ռ Ӹ ƴ϶ ׷ κ ̻ ͷ ̾. Ʈ ü 庸 ְ .





















ڿ ִ

ֱ ̻ ͷ ų ڸ Ե ʼҺ, ƿƼ, ż, ߵǾ ִ. ̱ ֽĽ忡 ٸ ͷ ſ ̴. S&P 500 ͷ 4% ̰ 50~55% ̴. 2013 S&P 500 30% ߹, ͷ 2%  ѱ ̴.

츮 α ȭƯ Ʈ ϴ Ը 10~20Ⱓ õǰų õ ͷ Ѵ. ׷ Ȳ Ǹ, ι ø ȸ ̴.

⼭ ؾ . ø ߰ ִٸ, ڿ ΰ мؾ Ѵ. ׼ ̡ üδ ȸ縦 , ڷ ȣ 繫 ȸ縦 ԰ ѼͿ ⿩ϴ ڷ ִ.

ֽڹ ڼ

 




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